Former Group Chief Executive Officer of NNPC Limited, Mele Kyari, has told senators that the N210 trillion queried in the national oil company’s accounts was never missing, insisting that the controversy stems from accounting entries rather than any loss of public money. Kyari made the claim on Tuesday when he finally appeared in person before the Senate Committee on Public Accounts, months after lawmakers threatened to compel his attendance.
What Kyari told the committee
According to Premium Times, Vanguard and Nigerian Tribune, Kyari said the N210 trillion figure flagged in the audit covering 2017 to 2023 had been misread as a loss. He described the matter as a set of bookkeeping and “entry issues” that, he said, had since been clarified, and maintained that no funds disappeared under his leadership. Vanguard quoted him as saying, “I wish to confirm that nothing was lost.”
The disputed sum is made up of two large entries in NNPC Ltd’s financial records: about N103 trillion classified as accrued expenses and about N107 trillion recorded as receivables, BusinessDay reported. Kyari submitted a written report to the committee setting out his explanations.
He also addressed a separate audit query over roughly N2.99 billion linked to the incorporation of NNPC Limited. According to Premium Times, he said the money went to the Federal Inland Revenue Service and the Corporate Affairs Commission as statutory registration costs, paid by NNPC on behalf of the federation and charged to federation revenue. He rejected claims that about N5 billion was spent simply to rename the company, noting that the name was set by the National Assembly in the Petroleum Industry Act.
Background: a long-running audit dispute
The N210 trillion question first drew public attention in mid-2025 after details of NNPC Ltd’s audited records were examined by the Senate committee, then chaired by Senator Aliyu Wadada. Premium Times reported that the company, now led by Bayo Ojulari, missed an initial seven-day deadline to respond, and later explained in writing that the figures represented accrued expenses and receivables. The committee rejected that written explanation and demanded that officials appear in person.
The probe resumed under the current chairman, Senator Ibrahim Dankwambo, a former Accountant-General of the Federation. Kyari had failed to honour several invitations, and the committee earlier this year threatened to issue a warrant for his arrest to force his appearance, according to Premium Times and The Star. Nigerian Tribune reported that some of Kyari’s former management team had already appeared and also denied that any money was missing.
Kyari led the state oil company from July 2019, first as Group Managing Director and later as the first Group CEO of NNPC Limited after the Petroleum Industry Act took effect. President Bola Tinubu replaced him with Bayo Ojulari in April 2025.
Kyari defends his record
Beyond the audit queries, Kyari used the session to defend his tenure. He told senators that he introduced a transparency framework when he took office and that NNPC published its financial statements for the first time in its 43-year history under his leadership. According to Nigerian Tribune, he reminded lawmakers that the company had posted a loss of about N803 billion in 2018 before turning profitable, and disclosed that he had been in and out of hospital on medical grounds.
What happens next
Senator Dankwambo said the committee would circulate Kyari’s report to members and study it before taking a decision. Nigerian Tribune quoted him as saying the committee had raised 23 issues on the accounts, only one or two of which concern Kyari directly, and that the former NNPC chief and his officials could be invited again if new questions arise.
The outcome matters well beyond the hearing room. The N210 trillion figure is several times the size of Nigeria’s annual federal budget, and how the Senate resolves the queries will shape public confidence in the accounts of a company that remains central to government revenue. The committee’s final report on the 2017–2023 audit is the next step to watch.
Sources: Premium Times, Vanguard, Nigerian Tribune, BusinessDay, The Star, TheNigeriaLawyer.
